Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of electrical contractor MYR Group (NASDAQ:MYRG) dropped 10% today after the company released earnings.

So what: Contract revenues dropped 16% in the first quarter, to $201.3 million, and net income rose 12%, to $7.0 million, or $0.32 per share. The problem for MYR Group is that Wall Street was expecting $245.5 million in revenue, and $0.35 per share in earnings, and the company well short of that. 

Now what: The downside is that revenue was disappointing, but we shouldn't forget that gross margin was up to 13.6%, from 10.9% a year ago. That's encouraging because contract wins and, therefore, revenue can be choppy, so cost controls are important. I'm not overly excited about the results, but the 10.4 forward P/E ratio is fairly attractive, and if shares slip further over the next few weeks, I think investors can get an attractive value.

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